Host Hotels buys Sternli新爱上海同城对对碰论坛 cht’s 1 Hotel South Beach for $610M, setting new record 429-room hotel sold for $1.42M per key
Barry Sternlicht, Richard Marriott and 1 Hotel South Beach (Credit: Twitter)
Host Hotels paid $610 million for 1 Hotel South Beach, marking a new per-room record for Miami-Dade hotel sales at $1.42 million a key.
Barry Sternlicht’s Starwood Capital Group and LeFrak sold the luxury beachfront hotel at 2341 Collins Avenue, according to a press release. Starwood affiliate SH H上海千花社区 otels Resorts will continue to operate and manage the 429上海贵族宝贝 -room hotel.
Hodges Ward Elliott brokered the deal.
The property was previously under contract to billionaire Michael Dell’s MSD Capital for about $500 million, or more than $1 million per key, the Commercial Observer reported in September, but that deal fell through.
Host Hotels, one of the largest lodging real estate investment trusts, owns 88 properties in the U.S. and five abroad totaling about 52,000 rooms. Billionaire Richard Marriott and his brother Bill Marriott spun the company off from Marriott International in 1993.
In South Florida, Host Hotels owns the Fort Lauderdale Marriott Harbor Beach Resort Spa, the Miami Marriott Biscayne Bay, and YVE Hotel Miami, according to its website.
Sternlicht redeveloped the former Gansevoort Hotel property, built in the 1970s, into 1 Hotel Homes with joint venture partner LeFrak. The hotel, which opened in 2015, features three restaurants, four pool decks, 57 cabanas and[……]